Bitwave Launches L2 Protocols to Streamline Enterprise Blockchain Transactions Amid Rising Ethereum Prices

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Bitwave Launches L2 Protocols to Streamline Enterprise Blockchain Transactions Amid Rising Ethereum Prices
L2 Support and Optimistic Ethereum Offer Increased Speed, Security and Efficiency for Complex Cryptocurrency Accounting
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Bitwave, a leading provider of digital asset tax and accounting software for enterprises, has today announced support for Layer 2 (“L2”) solutions and the Optimism protocol on its platform so businesses now have the ability to track high volumes of transactions for accounting and tax purposes

As congestion on the Ethereum network persists, the addition of L2 solutions is already leading to lower fees and faster transaction confirmation times. With Bitwave’s new support for these protocols, businesses can begin to take full advantage of the benefits without worrying about the risks to properly account for and track taxes on these assets. Bitwave also helps with the often conflicting advice of tax professionals, allowing complex and customizable tax treatments - for instance, allowing customers to treat L1 to L2 token transfers as either a simple transfer or a taxable trade.

“L2s present a unique opportunity for reducing friction among enterprises looking to adopt digital assets by lowering gas fees and speeding up transactions - however, it also presents a new set of unique challenges,” said Pat White, co-founder and CEO of Bitwave. “As the number of transactions increases, the complexity of tracking them from an accounting perspective explodes, and the difficulty in handling the high volume of tax lots also rises. Bitwave makes it easy to bridge the gap from blockchains, including L2s, into your accounting and tax processes.”

As of today, adding Optimism to your Bitwave instance is a single click, and as simple as any other blockchain. With minimal additional configuration, the solution can be configured for roll-up reporting either into Bitwave or into your general ledger solution.

As one of the leading L2 solutions, Optimism will be using Bitwave to monitor a large number of transactions on a daily basis for revenue and accounting purposes.

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Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as tax, accounting, or financial advice. The content is not intended to address the specific needs of any individual or organization, and readers are encouraged to consult with a qualified tax, accounting, or financial professional before making any decisions based on the information provided. The author and the publisher of this blog post disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use or application of any of the contents herein.